As Nigerians grapple with the initial increase in the cost of electricity tariffs, the Nigerian Electricity Regulatory Commission (NERC) has yet again raised the tariffs by 50% across the country.
The new directive issued and signed by Sanusi Garba, NERC chairman was dated December 30, 2020.
In the revised MYTO (Multi-year Tarrif Order) and minimum remittance threshold payable by the Distribution Companies, the NERC empowers the 11 DisCos to increase tariff by 50 per cent premising the decision on prevailing economic realities.
The commission stated that the new tariff will be enforced until the issuance of another minor review order or an extraordinary tariff review order by the commission.
According to the NERC, some of the parameters that triggered the tarrif review include Nigeria’s inflation rate, exchange rate, US rate of inflation, available generation capacity, gas price, MDA losses and capex adjustment.
Recall labour unions in the country have consistently kicked at the hike in electricity tariffs and fuel pump price.
The labour leadership has met with the federal government severally to reverse the initial tarrifs, before this latest directive which jerked up the cost of electricity utility by 50 percent nationwide on new year day to the oblivion of Nigerians.